HTC retreats from Korea

HTC has admitted that it has lost the lucrative Korean market and is pulling out.

The Taiwan-based handset manufacturer said it had repeated failures to make a noticeable dent here. The company announced last week that it posted $246 million in net profits for the second quarter.

A HTC representative told the Korea Times that the companies withdrawal will be a long term process and not immediate. HTC wants to cause the least disturbance for its customers here and continue after-sales services. Moving out of Korea was to “increase efficiency for HTC business operations in the future.”

HTC folded its business in Brazil in June. It had been widely speculated by industry experts that HTC is mulling a retreat since last month after Korea manager Lee Chul-hwan was fired after only being in the post for six months.